alingtonsky
Forumer storico
Per il 2008 Carmignac Patrimoine aveva rinunciato a incassare la commissione di performance cui avrebbe avuto diritto grazie a un rendimento annuale superiore al benchmark e lievissamamente positiva in termini assoluti
27 January 2009
At a time when many fund management firms are struggling, Citywire can reveal that French boutique Carmignac Gestion has decided to waive the performance fees it was eligible to apply for its flagship fund Carmignac Patrimoine.
Overall, the group has €13 billion under management and Carmignac Patrimoine currently has assets of €5.5 billion.
The fund reporting shows that in 2008, it returned 0.01% against a fall of 11.90% for its benchmark. The performance indicator applied by the group is an equity and bond composite. This is measured as 50% MSCI AC World Index converted into euros and 50% Citigroup WGBI All Maturities Eur index.
In 2008 the fund was eligible to apply performance fees given that it outperformed its index and had positive returns. Under normal circumstances this would have triggered Carmignac to be eligible in taking 10% of the outperformance.
The fund's prospectus says the fees would have been deducted annually from the last net asset value of the month of December by the management company and charged directly to the fund's income statement.
The fund stood at around €4.8 billion at the end of 2008. Given that the fund beat the index by 11.91%, it would have been possible to claim 1.191% of the assets of the fund as outperformance fees. Therefore, in effect, Carmignac did not pocket the €57 million it was eligible to receive. Instead, the €57 million stayed in the pockets of investors.
Run by the group's founder Edouard Carmignac, Rose Ouahba and Frédéric Leroux, the fund has a flexible mandate which can be up to 50% in equities. However it is currently predominantly exposed to bonds.
The group's decision means the record books show the fund had a positive 2008, whereas applying the performance fees would have shown a small net negative performance for the year. Given the performance of global markets this would not have been a blemish on the long term record.
....
http://www.citywire.co.uk/selector/-/news/other/content.aspx?ID=327356&Page=2
http://translate.google.com/translate_t?hl=it&sl=de&tl=it#
27 January 2009
At a time when many fund management firms are struggling, Citywire can reveal that French boutique Carmignac Gestion has decided to waive the performance fees it was eligible to apply for its flagship fund Carmignac Patrimoine.
Overall, the group has €13 billion under management and Carmignac Patrimoine currently has assets of €5.5 billion.
The fund reporting shows that in 2008, it returned 0.01% against a fall of 11.90% for its benchmark. The performance indicator applied by the group is an equity and bond composite. This is measured as 50% MSCI AC World Index converted into euros and 50% Citigroup WGBI All Maturities Eur index.
In 2008 the fund was eligible to apply performance fees given that it outperformed its index and had positive returns. Under normal circumstances this would have triggered Carmignac to be eligible in taking 10% of the outperformance.
The fund's prospectus says the fees would have been deducted annually from the last net asset value of the month of December by the management company and charged directly to the fund's income statement.
The fund stood at around €4.8 billion at the end of 2008. Given that the fund beat the index by 11.91%, it would have been possible to claim 1.191% of the assets of the fund as outperformance fees. Therefore, in effect, Carmignac did not pocket the €57 million it was eligible to receive. Instead, the €57 million stayed in the pockets of investors.
Run by the group's founder Edouard Carmignac, Rose Ouahba and Frédéric Leroux, the fund has a flexible mandate which can be up to 50% in equities. However it is currently predominantly exposed to bonds.
The group's decision means the record books show the fund had a positive 2008, whereas applying the performance fees would have shown a small net negative performance for the year. Given the performance of global markets this would not have been a blemish on the long term record.
....
http://www.citywire.co.uk/selector/-/news/other/content.aspx?ID=327356&Page=2
http://translate.google.com/translate_t?hl=it&sl=de&tl=it#
